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Bank and Other Loans Payable | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Bank and Other Loans Payable | 7) Bank and Other Loans Payable Bank and other loans payable are summarized as follows: Summary of Bank Loans Payable
|  | December 31 |
|  | 2022 |  |  | 2021 |
|  | $ | 1,690,892 |  |  | $ | 2,481,878 |
Prime rate note payable in monthly installments of $75,108 including principal and interest,collateralized by shares of Security National Life Insurance Company stock, due December 2024. |  | $ | 1,690,892 |  |  | $ | 2,481,878 |
4.329% fixed note payable in monthly installments of $9,775 including principal and interest,collateralized by real property with a book value of approximately $3,023,000, paid in full April 2022. |  |  | - |  |  |  | 1,825,608 |
4.00% variable with LIBOR at a 1% floor and a spread at 3% rate construction loan collateralized by real property with a book value of approximately $65,422,000, paid off with long term financing in May 2022. |  |  | - |  |  |  | 34,547,181 |
3.85% fixed note payable in monthly installments of $243,781 including principal and interest, collateralized by real property with a book value of approximately $65,422,000, due June 2032. |  |  | 48,613,833 |  |  |  | - |
3.30% fixed note payable in monthly installments of $179,562 including principal and interest, collateralized by real property with a book value of approximately $46,960,000, due April 2031. |  |  | 39,298,298 |  |  |  | 40,090,359 |
4.7865% fixed interest only note payable in monthly installments, collateralized by real property with a book value of approximately $16,948,000, due June 2028. |  |  | 9,200,000 |  |  |  | 9,200,000 |
1 month SOFR rate plus 2.1% loan purchase agreement with a warehouse line availability of $100,000,000, matures June 2023. |  |  | 17,978,527 |  |  |  | 66,305,025 |
1 month SOFR rate plus 2% loan purchase agreement with a warehouse line availability of $100,000,000, matures November 2023. |  |  | 29,768,762 |  |  |  | 50,555,909 |
1 month SOFR rate plus 2.5% loan purchase agreement with a warehouse line availability of $75,000,000, matures May 2023. |  |  | 15,131,410 |  |  |  | 43,196,986 |
1 month SOFR rate plus 2.1% loan purchase agreement with a warehouse line availability of $50,000,000, matures June 2023. |  |  | - |  |  |  | 1,764,386 |
Other short-term borrowings (1) |  |  | - |  |  |  | 1,250,000 |
Finance lease liabilities |  |  | 31,082 |  |  |  | 62,767 |
Other loans payable |  |  | - |  |  |  | 6,828 |
Total bank and other loans |  |  | 161,712,804 |  |  |  | 251,286,927 |
Less current installments |  |  | 65,560,608 |  |  |  | 164,747,672 |
Bank and other loans, excluding current installments |  | $ | 96,152,196 |  |  | $ | 86,539,255 |
(1) |  | Revolving Line of Credit
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2022 and 2021 7) Bank and Other Loans Payable (Continued) Sources of Liquidity Federal Home Loan Bank Membership The Federal Home Loan Banks (“the FHLBs”) are a group of cooperatives that lending institutions use to finance housing and economic development in local communities. The Company is a member of the FHLB based in Des Moines, Iowa and based in Dallas, Texas. As a member of the FHLB, the Company is required to maintain a minimum investment in capital stock of the FHLB and may pledge collateral to the bank for advances of funds to be used in its operations. Federal Home Loan Bank of Des Moines At December 31, 2022, the amount available for borrowings from the FHLB of Des Moines was approximately $80,312,445, compared with $19,259,722 at December 31, 2021. United States Treasury fixed maturity securities with an estimated fair value of $86,338,880 at December 31, 2022 have been pledged at the FHLB of Des Moines as collateral for current and potential borrowings compared with $20,244,900 at December 31, 2021. At December 31, 2022 and 2021, the Company had no outstanding FHLB borrowings. At December 31, 2022, the Company’s total investment in FHLB stock was $856,800 compared with $826,800 at December 31, 2021. At December 31, 2022, the Company was contingently liable under standby letters of credit aggregating $968,903, $443,758 to be used as collateral to cover any contingency related to additional risk assessments pertaining to the Company’s captive insurance program and $525,145 for land developments. Federal Home Loan Bank of Dallas At December 31, 2022, the amount available for borrowings from the FHLB of Dallas was approximately $5,719,671, compared with $7,794,625 at December 31, 2021. Mortgage-Backed fixed maturity securities with an estimated fair value of $6,696,100 at December 31, 2022 have been pledged at the FHLB of Dallas as collateral for current and potential borrowings compared with $8,774,352 at December 31, 2021. At December 31, 2022 and 2021, the Company had no outstanding FHLB borrowings. At December 31, 2022, the Company’s total investment in FHLB stock was $1,743,500 compared with $1,720,300 at December 31, 2021. Revolving Lines of Credit The Company has a $2,000,000 revolving line-of-credit with a bank with interest payable at the prime rate plus 1.25% with a 3% prime floor, secured by the capital stock of Security National Life and maturing December 31, 2023, renewable annually. At December 31, 2022, the Company was contingently liable under standby letters of credit aggregating $622,293, to be used as collateral for residential subdivision land developments. The standby letters of credit will draw on the line of credit if necessary. The Company does not expect any material losses to result from the issuance of the standby letters of credit. As of December 31, 2022, there were no amounts outstanding under the revolving line-of-credit. The Company also has a $2,500,000 revolving line-of-credit with a bank with interest payable at the daily simple SOFR plus 2.35%, which includes a mandatory .10% credit spread adjustment, maturing December 31, 2023. As of December 31, 2022, there were no amounts outstanding under the revolving line-of-credit. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2022 and 2021 7) Bank and Other Loans Payable (Continued) Debt Covenants for Mortgage Warehouse Lines of Credit The Company, through its subsidiary SecurityNational Mortgage, has a $100,000,000 line of credit with Wells Fargo Bank N.A. The agreement charges interest at the 1-Month SOFR rate plus 2.1% and matures on June 2, 2023. SecurityNational Mortgage is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, the ratio of indebtedness to adjusted tangible net worth, and the liquidity overhead coverage ratio, and a quarterly gross profit of at least $1.00. The Company, through its subsidiary SecurityNational Mortgage, has a line of credit with Texas Capital Bank N.A. This agreement with the bank allows SecurityNational Mortgage to borrow up to $100,000,000 for the sole purpose of funding mortgage loans. The agreement charges interest at the 1-Month SOFR rate plus 2% and matures on November 9, 2023. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and minimum combined pre-tax income (excluding any changes in the fair value of mortgage servicing rights) of at least $1.00 on a rolling four-quarter basis. The Company through its subsidiary SecurityNational Mortgage, has a line of credit with Comerica Bank. This agreement with the bank allows SecurityNational Mortgage to borrow up to $75,000,000 for the sole purpose of funding mortgage loans. The agreement charges interest at the 1-Month SOFR rate plus 2.50% and matures on May 26, 2023. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and minimum combined pre-tax income (excluding any changes in the fair value of mortgage servicing rights) of at least $1.00 on a rolling twelve months. The Company through its subsidiary SecurityNational Mortgage, has a line of credit with U.S Bank. This agreement with the bank allows SecurityNational Mortgage to borrow up to $50,000,000 for the sole purpose of funding mortgage loans. The agreement charges interest at 2.10% plus the greater of (i) 0%, and (ii) the one-month forward-looking term rate based on SOFR and matures on June 2, 2023. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and minimum combined pre-tax income (excluding any changes in the fair value of mortgage servicing rights) of at least $1.00 on a rolling twelve months. The agreements for warehouse lines include cross default provisions in that a covenant violation under one agreement constitutes a covenant violation under the other agreement. As of December 31, 2022, the Company was in compliance with all debt covenants. The following tabulation shows the combined maturities of bank and other loans payable: Schedule of Combined Maturities of Bank Loans Payable Lines of Credit and Notes and Contracts Payable
2023 |  | $ | 65,560,608 |
2024 |  |  | 2,785,674 |
2025 |  |  | 1,981,991 |
2026 |  |  | 1,883,515 |
2027 |  |  | 1,997,551 |
Thereafter |  |  | 87,503,465 |
Total |  | $ | 161,712,804 |
Interest expense in 2022 and 2021 was $7,830,443 and $7,127,516, respectively. Interest paid in 2022 and 2021 was $7,697,921 and $7,290,867, respectively. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2022 and 2021

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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